January 10, 2009

Leland Tollett, the interim chief executive officer of Tyson Foods, Inc. says returning the company's poultry business to profitability is at the top of his list of objectives.

Tollett was named interim president and CEO on Monday (Jan 5). He has been associated with Tyson Foods since 1959, and previously served as CEO from 1991 to 1998. He was also part of Tyson's board of directors from 1984 until early 2008.

Tollett said he supports continuing Tyson's current key strategies, which include developing new products customers need, improving operational efficiencies, continuing international expansion and remaining focused on ways to add value to by-products.

Tollett will be devoting most of his attention to the company's poultry business, which lost money in fiscal 2008.

As part of the effort to return to profitability, Tollett reported the structure of Tyson's poultry business has been rearranged, with changes that include the previously announced appointment of longtime Tyson executive Donnie Smith as senior group vice president of Poultry and Prepared Foods. A limited number of corporate positions have also been eliminated; however, Tollett indicated no major layoffs are planned.

Tyson intends to select a new, permanent CEO as soon as possible and hopes the new leader can be identified within the company. The Chairman and other members of the Tyson board will be working with senior management to evaluate potential candidates and will have a recommendation for the board to act on as soon as that process can be completed.